Popcat (POPCAT), One of Solana's Hottest Memecoins, Has Experienced Over 22,000% Surges This Year

Analyzing the memecoin's recent pattern, pseudonymous crypto analyst and trader, Altcoin Sherpa expressed bullishness for POPCAT, despite raising concerns.

Solana’s Hottest Memecoin Surges 22K% This Year, Raising Bullish Flags

Solana’s hottest memecoin, Popcat (POPCAT), has seen a stunning surge of over 22,000% this year, making it one of the best performers in the memecoin category. Despite the market volatility, POPCAT has managed to maintain its resilience, attracting the attention of crypto traders.

Now, as the memecoin’s recent pattern is being analyzed, pseudonymous crypto analyst and trader Altcoin Sherpa has shared his thoughts on POPCAT’s potential price action. The analyst expressed bullishness for POPCAT, but not without highlighting some concerns.

The Analyst’s Mixed Sentiments On POPCAT

In a post on Twitter, Altcoin Sherpa shared his sentiments on POPCAT’s price chart, stating, “Still bullish for now and still think cat memes will do pretty well and play catch up.” The analyst’s bullish outlook for POPCAT is based on the memecoin’s recent performance and its potential to continue rising.

However, the analyst also expressed some concerns, highlighting a potential technical formation that could lead to a sell-off for POPCAT. “I would be concerned if this prints a lower high/shoulder. If this happens and POPCAT sells off, all cat beta is going to die,” Sherpa noted.

Crypto traders use the head and shoulders pattern as a technical indicator to identify price reversals, particularly in the context of an uptrend. Essentially, the metric indicates a reversal of an upward trend. Three peaks make up a bearish head and shoulders, with the middle peak being higher than the other two.

Traders are usually advised to wait for the head and shoulders pattern to completely form before commencing trading. This is because a partially developed pattern may not be complete in the future.

Solana Memecoin Surges 22K% This Year

As evident from the recent price chart, POPCAT’s performance has been impressive with a yearly gain of 22,000%. In our recent analysis, we covered a key milestone achieved by POPCAT, hitting the $1 mark. Several traders expressed their excitement as the memecoin shed a few zeros, indicating a bullish outlook.

At press time, POPCAT price showed a 7% surge in the past day, setting its price at $0.8768.

POPCAT is also seeing heightened discussions and focus among traders, as revealed by an increase in the social dominance chart. Typically, a surge in social interest correlates with FOMO, driving more traders to buy as they anticipate further price increases.

The rising interest in POPCAT is quite notable as it follows after a dip in the broader Solana memecoin ecosystem. As noted in our earlier post, POPCAT declined by 4% recently, while Dogwifhat (WIF) and BONK lost 3% of their values.

Solana Surges 24H, Anticipating $500

Solana (SOL) is currently riding in the waves of the broader crypto market rally, showing a 6% 24H surge. Despite a brief setback following Biden’s exit from the presidential election race, some crypto analysts are predicting a $500 for Solana.

One major factor driving Solana’s bullish forecast is the anticipation of a potential spot Exchange-Traded Fund (ETF). As a reminder, Investment manager VanEck filed in June, to list the first Solana ETF in the US. Now that a spot ETF has been launched for Ethereum, some analysts are suggesting it paves the way for other crypto ETFs to go live.

As of this writing, SOL is trading at $180, showing a 24-hour increase of 6%. The trading volume and market cap are standing at $3.4 billion and $83.4 billion respectively.

The above is the detailed content of Popcat (POPCAT), One of Solana's Hottest Memecoins, Has Experienced Over 22,000% Surges This Year. For more information, please follow other related articles on the PHP Chinese website!